The Department of Veterans Affairs (VA) guarantees, through the GI Bill, a loan for eligible Veterans. The VA Loan has no prepayment penalty and no balloon.
· Down Payment - $0.00 down (for loans that do not exceed general confirming loan limits)
· Loan Specific Fees - up-front funding fee (financed) based on number of uses and branch of service (Regular military first use 2.15%, 3.3% thereafter). No monthly fees.
· Minimum Credit Score - 580
· Up-Front Fees - $450 appraisal fee
A down payment is required if the borrower does not have full VA Entitlement, or if the loan amount is greater than $453,100. VA loans subject to individual VA entitlement amounts and eligibility, qualifying factors such as income and credit standards, and property limits. Fairway is not affiliated with any government agencies. These materials are not from VA, HUD or FHA, and were not approved by VA, HUD or FHA, or any other government agency.